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10 years ago
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Taxes for Students with Summer Jobs
Do Students have to pay taxes on their summer income?
Many students may not realize they have to pay taxes on their summer income. Whether students are babysitting, mowing lawns, delivering newspapers, or other jobs, they must pay taxes on the income they've earned.
The following kinds of income often received by students are generally taxable:-Pay for services performed
-Self-employment income
-Investment income
-Certain scholarships and fellowships
Some tips on taking preventative measures:
- Know your employment classification
Ask your employer about your status and how you're being paid. Be clear about whether your employer considers you an employee or an "independent contract worker."
- Tally your tips
Tips are taxable income, so you will have to tell the IRS in 2011 what you made in tips this year. Keep a record of what you earn.
- Keep your pay stubs
Without pay stubs, employees have little to help them report their income. Often, the stubs have cumulative information, so the last one will be enough to save.
- Know what's withheld
Read your pay stubs carefully, knowing what money you receive isn't the same as knowing what money you earned.
- Be aware of tax-filing basics
Many students may be working their first job and they'll have to file taxes perhaps for the first time, so consider these tax basics
Depending on where you work, there are several different ways in which you might need to file your taxes. Be sure to do your homework to find out what tax obligations the IRS wants students who are earning income to know
Visit the FAQ at USA.gov to learn more. more - Know your employment classification
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Tax Time Again!
The Internal Revenue Service has many tax breaks for families, college students, homeowners, and other groups. In this economy citizens need all the help they can get. The United Way of Pasco can help individuals and families file their income tax returns for free. It is as easy as dialing 211. Pasco United Way partnered with the IRS and has trained volunteers working at various locations in Pasco County to prepare taxes for citizens. Call 211 and the information referral specialist will arrange an appointment for you to have your taxes prepared at a location closest to your home.
If you really want to do those taxes yourself remember you can file your return electronically (e-file). To e-file you log on to the IRS website, click on e-file and you will be directed to various websites which you can use to file your taxes. Read through the descriptions and pick the best agency that fits your circumstances. If you do not have a computer with access to the Internet, the Pasco County Public Library has computers available for you to use. The Library also has e-government laptops with extended time limits, so you do not have to feel rushed. If you have your own laptop, the libraries provide free wireless service.
The IRS has a series of videos describing the tax breaks available. You can view these on YouTube or on Pasco County's e-government tools page. Click on "E-Government Videos." Check these and other e-government videos brought to you by Pasco County Libraries. more
Showing posts with label income taxes. Show all posts
Showing posts with label income taxes. Show all posts
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